Gazprom looks beyond C.I.S.

Oct. 1, 2008 at 12:38 PM
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MOSCOW, Oct. 1 (UPI) -- Geological surveys in several countries in the Far East and Central America have yielded promising results for Russian energy giant Gazprom.

Gazprom said in a release that it was interested in developing draft agreements for oil and gas production outside the Commonwealth of Independent States through 2020.

"The board of directors took to notice the information on Gazprom's gas and oil geological exploration and production activities beyond Russia and the C.I.S.," the statement read.

Gazprom said exploration at blocks in the Bengal Bay of India, the South China Sea region of Vietnam and two blocks off the coast of Venezuela were particularly attractive.

The boards of Gazprom and the Italian oil and gas firm Eni said Tuesday they closed a deal for Gazprom to acquire a majority share in the Libyan Elephant oil field, making further expansion into North Africa more tenable.

Gazprom also said it was in negotiations with the Bolivian government to acquire permits for geological exploration there.

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